U.S. import prices decrease 1.5 percent, January 2013 to January 2014

February 19, 2014

Despite increases in recent months, prices for overall imports declined 1.5 percent for the year ended in January 2014. Import prices have not recorded a year-over-year increase since a 0.9-percent rise between July 2012 and July 2013.

Fuel prices (included in industrial supplies and materials) also fell over the past year, declining 3.1 percent. The 12-month drop in fuel prices was driven by a decrease in petroleum prices, though natural gas prices increased over the same period. Despite January increases, nonfuel import prices fell 1.1 percent over the past 12 months.

Overall import prices ticked up 0.1 percent from December 2013 to January 2014. Fuel prices fell for the third time in the past 4 months in January. The January drop was led by a decrease in petroleum prices, which more than offset an increase in natural gas prices. The price index for nonfuel imports increased in January. The increase was the largest monthly rise in nonfuel import prices since March 2012. In January, higher prices for consumer goods; capital goods; foods, feeds, and beverages; and nonfuel industrial supplies and materials contributed to the overall advance in nonfuel import prices. In contrast, automotive vehicle prices decreased in January.

These data are from the BLS International Price program. To learn more, see "U.S. Import and Export Price Indexes — January 2014" (HTML) (PDF), news release USDL-14-0218. Import and export price indexes are subject to revision.